Toronto, Ontario–(Newsfile Corp. – April 16, 2013) – Further to its news release dated April 11, 2013, announcing the completion of its Initial Public Offering (“IPO”), Aurania Resources Ltd. (TSXV: AOZ) (“Aurania” or the “Company”) is pleased to announce that its common shares have been accepted for listing on the TSX Venture Exchange (“TSXV”) and will begin trading under the symbol “AOZ” on Wednesday, April 17, 2013.
Drilling is expected to commence shortly on the Company’s Mont Chemin gold project in Canton Valais, Switzerland. The Board has approved the budget for an initial 1,500 metre diamond drill program as laid out in the recent National Instrument 43-101 technical report, a copy of which is available at www.sedar.com. All permits are in place to allow the Company to commence drilling.
This first drilling on the property will test a number of gold occurrences in pyrite-bearing quartz veins and high-level breccia zones within the apical zone of a quartz-feldspar porphyry intrusive body. Mineralization occurs with enrichments of molybdenum, tin, tungsten and fluorine and is characterized as transitional between mesothermal and epithermal. The Company’s exploration at Mont Chemin has focused on the Goilly Vein, the Tête des Éconduits ridge, the Scheelite Pit and the Vouillanioz Pit, all within a 600 m x 300 m area. These are selected for drilling as well as several Induced Polarization (IP) geophysical anomalies. The Mont Chemin property has never been drilled for gold even though it is a brownfields site with a history of iron ore, marble, fluorite, and lead-zinc-silver production.
Trenching of the Goilly Vein in 2010 resulted in seven saw-cut channel samples, across the true width of the Goilly Vein, 50-90 cm in length, that returned gold values ranging from 11.3 – 40.7 g Au/t with an average of about 22 g Au/t. Silver is quite elevated with values consistently over 80 ppm and up to 387 ppm and up to 1,385 ppm As, 2,520 ppm Cu and >1% Pb. The samples were sent to Laboratory ALS Chemex (Seville, Spain) for analysis by fire assay and by multi-element induced coupled plasma (“ICP”). The best channel samples of the Goilly vein returned 12.05 g Au/t over 0.9 m and 40.7 g Au/t over 0.55 m, with 88.3 to 248 ppm Ag. Sampling from outcrop and old pits at Tête des Éconduits returned 8,230 and 127,600 ppb Au and an independent qualified person collected two grab samples containing 11.70 and 2.71 ppm Au. The Company is in advanced discussions with a Spanish drilling company that is visiting the site on April 17th and is prepared to mobilize within four weeks.
Jean Paul Pallier, Chief Geologist of Aurania and a “qualified person” as defined by National Instrument 43-101, has reviewed and approved the scientific and technical content of this news release.
The participation in the IPO by the President, Chief Executive Officer and Chairman of Aurania, Dr. Keith Barron, constitutes a “related party transaction” as such term is defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101?), requiring the Company, in the absence of exemptions, to obtain a formal valuation for, and minority shareholder approval of, the “related party transaction”. Aurania is relying on the exemptions from the formal valuation and minority approval requirements of MI 61-101 pursuant to which a formal valuation and minority approval are not required in the event that at the time the transaction is agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeds 25% of the Company’s market capitalization. Dr. Barron acquired a total of 3,500,000 common shares pursuant to the IPO for gross proceeds of $1,400,000. The participation by Dr. Barron in the IPO was approved by the directors of Aurania.
For further information please contact:
Dr. Keith Barron
President and CEO
Tel: 416 367-3200
Elaine Ellingham P.Geo.
Tel: 416 367-3200
CAUTIONARY STATEMENT: Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Aurania’s objectives, goals or future plans, potential mineralization, exploration and mine development plans, timing of the commencement of operations, estimates of market conditions and the estimated timing and cost of the exploration of the Mont Chemin, Marécottes and Siviez projects. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining of failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, changes in exchange rates, fluctuations in commodity prices, delays in the developments of the company’s projects and those risks set out in Aurania’s public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.